The country's current account deficit, CAD, narrowed to 1.3 per cent of GDP in the third quarter of the current fiscal, from 1.5 per cent in the year-ago quarter. Reserve Bank of India data showed that the contraction in CAD was mainly due to a lower trade deficit of 34 billion dollars during the review quarter, compared to 38.6 billion dollars in the year ago quarter. Private transfer receipts, mainly remittances by overseas Indians, stood at 15.8 billion dollars, a decline from the preceding quarter, as well as the year-ago period. The RBI also noted that after moderating in the second quarter, net foreign direct investment picked up again, and stood at 10.8 billion dollars in the third quarter.